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flag Nebraska proposes bill to restore tax credit for 85% of property owners, costing up to $750M.

flag Nebraska lawmakers are proposing a bill, LB81, to restore a lost property tax credit for about 85% of property owners after an error in a previous bill, LB34, retroactively ended the existing credit program. flag The mistake left many unable to receive a credit for their 2023 taxes. flag The new bill aims to revive the credit program, costing the state between $500 million and $750 million, adding to an existing $432 million budget shortfall. flag Lawmakers are working to address the state’s budget while ensuring this relief is provided.

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